Dubai: The UAE will invest in human capital in a bid to achieve sustainable growth, it was announced on the concluding day of a ministerial retreat held to brainstorm the challenges of a post-oil economy.
In the coming weeks, a strategy focusing on human capital will be announced.
The strategy, to be prepared by ministers, will aim at boosting efficiency and productivity and enhance competitiveness in order to achieve sustainable growth. “Investing in human capital is the global approach in the 21st century, and the only means to achieve sustainable development that drives our country towards greater progress and prosperity,” said His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The UAE is always prepared and proactive and the country has creative solutions and ideas to overcome challenges. “We have in the UAE the expertise, resources, the firm will and determination and, most importantly, we have the vision and wise leadership to propel our economy towards sustainability,” he added.
“Today we concluded the UAE post-oil retreat. Our new strategic approaches have become clear and the initiatives will be announced during the coming weeks,” tweeted Shaikh Mohammad Bin Rashid.
“The presence of Shaikh Mohammad Bin Zayed during the retreat, his supervision over many of the discussions and his clear vision for the future of the national economy was one of the most important gains during this retreat.”
“We would like to reaffirm to our citizens that the UAE is in safe hands and that the future of the nation will move forward based on a wise vision. God willing, the best is yet to come.”
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, who also attended the retreat held at Bab Al Shams Desert Resort, said: The UAE seeks to become a model of state that succeeds in transforming the economy from relying on natural resources into relying on the skills and minds of its citizens.
“The post-oil transformation will be a turning point in our history as Emiratis. Success in this transformation is our only option,” he said.
“The vision of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan will be instrumental in continuing our excellence and success. We will press ahead with launching effective national initiatives and adopting an unconventional approach to consolidate the UAE’s global position,” Shaikh Mohammad Bin Zayed added.
“We aspire for a solid UAE economy based on advanced industries and scientific research, while looking forward to Emirati innovations that will change the lives of coming generations for the better,” said Shaikh Mohammad Bin Zayed.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, Shaikh Hazza Bin Zayed Al Nahyan, National Security Adviser, as well as representatives of local and federal governments attended the sessions on Sunday.
As part of the four-pronged approach to draw up a national programme to develop a sustainable economy in the post-oil era, Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, chaired the human capital work group, which aims to develop, attract and retain talent.
Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired the work group on the economy to discuss building a robust knowledge economy based on technology and innovation.
A working group on government policies was chaired by Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, that aims to ensure financial sustainability and develop government resources to contribute to the post-oil economy.
Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister, chaired the work group on the community to discuss ways to ensure the sustainability of social welfare for Emirati families and diversify sources of income.
The retreat was held in line with the UAE’s approach to diversify its economy and drive it towards sustainability.
